IDEX Biometrics brings biometric payment cards to India

By Gloria Methri

IDEX Biometrics is bringing biometric authentication onto payment cards for the Indian market, together with a pioneer in payment services. India boasts more than 1 billion payment cards in circulation and has been a frontrunner in biometrics for many years.

The Reserve Bank of India (RBI) is driving out secure digital payments and is consulting with Indian banks to mandate alternative multi-factor authentication methods for digital payment transactions. This includes biometric authentication, specifically fingerprints.

Live user experience and technology testing for the IDEX Pay biometric payment cards revealed excellent results and proved that biometric payment cards can be deployed seamlessly and securely throughout the country. Newly published research indicates that more than 90% of affluent consumers in India want biometric payment cards.

Biometric authentication is performed directly on the payment card, so no change to existing payment terminals and infrastructure is needed. Equally important, the IDEX Pay technology ensures that the cardholder’s biometric data never leaves the card, confirming the highest level of security and privacy for the consumer. IDEX Biometrics conducted live demonstrations at the Global Fintech Fest in Mumbai.

“We are committed to bringing more secure payment solutions globally, with India and South Asia in focus. The user-friendly card solution from IDEX Biometrics supports the acceleration of payment digitization in India while ensuring that all aspects of market deployment are considered,” said Catharina Eklof, Chief Executive Officer of IDEX Biometrics.

With an opportunity to grow contactless payments from current low adoption levels of 16%, the biometric card represents a new secure and convenient payment solution for India.